Douglas, Isle of Man

Associate Director, Risk & Compliance (MLRO)

Full-time / part-time
Full-time
Level
Director
Department
Compliance & Risk
Address
Victoria Road
Douglas
IM2 4DH
Isle of Man

Job description

We are looking for an Associate Director, Risk & Compliance (MLRO) to join our Risk & Compliance team in the Isle of Man.

As part of this role you will:

Exercise the functions of Money Laundering Reporting Officer prescribed by the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 and any amendment or successor thereto (Code) and perform the additional activities and responsibilities as described below:

  • Fully accessible to the business
  • Represent the MLRO function on the IQ-EQ Isle of Man Private Wealth Board
  • Report directly to the Board on matters relating to the MLRO
  • Receive, and assess information contained within, internal suspicious activity reports (ISARs) to determine whether there are reasonable grounds for knowing or suspecting that the activity is money laundering and/or financing of terrorism (ML/FT) in accordance with the requirements of the Code as well as relevant IQ-EQ policies, processes and requirements;
  • Submit suspicious activity reports to the Financial Intelligence Unit (FIU) as required;
  • Respond to ML/FT inquiries received from competent authorities;
  • Establish, record, maintain and operate reporting procedures and controls regarding submission, consideration and determination of internal disclosures and provision of external disclosures;
  • Establish and maintain registers of disclosures, and of all ML/FT inquiries received from competent authorities;
  • Establish, record and maintain appropriate procedures and controls for establishing the integrity of new directors, officers and all new appropriate employees and workers;
  • Establish, record, maintain and operate (or ensure the operation of) appropriate procedures and controls for monitoring and testing compliance with AML/CFT regulatory requirements including arrangements for managing risks identified by the Business Risk Assessment (BRA), monitoring operational performance of the same, and ensuring that prompt action is taken to remedy any deficiencies
  • Work with the Board and Compliance Officer in the preparation and update of the BRA
  • Prepare and deliver (or ensure and support the preparation and delivery of) AML/CFT education and training as required by the Code to officers, senior management and appropriate employees and workers
  • Assume overall responsibility for the AML/CFT education and training programme

 

Money Laundering Reporting Officer (MLRO):

  • Evaluate ISARs, make decisions regarding the onward reporting of ML/TF matters to the FIU, implement ongoing monitoring of such matters and attend to related record keeping requirements
  • Manage, support and monitor the performance of each Deputy MLRO, ensuring that ISARs and SARs are handled in an appropriate and consistent manner
  • Maintain a record of requests for information from law enforcement authorities relating to ISARs and SARs
  • Act as the principal contact and respond to any ML/TF inquiries or ML/TF information requests made by competent authorities with respect to the clients and entities we manage
  • Assume overall responsibility for the accuracy of all information submitted to the Board and / or Group Risk and / or any other parties with a vested interest in the function  
  • Develop and maintain systems and controls (including policies and procedures) to counter ML/FT
  • Undertake regular reviews and testing of compliance with AML & CFT policies and procedures and ensure the business maintain adequate procedures for:
  • Monitoring compliance with, and testing the effectiveness of, policies and procedures; and
  • Monitoring and testing the effectiveness of measures to raise awareness and training. When considering the type and extent of compliance testing to be carried out
  •  Advise the Board and senior management on AML & CFT compliance issues
  • Report periodically to the Board on ML/FT matters
  • Respond promptly to requests for information made by competent authorities
  • Co-ordinate the information required for the Business Risk Assessment for the business on a periodic basis.
  • Be responsible for the development of systems and controls (and policies and procedures) as well as monitoring subsequent compliance with those systems and controls (and policies and procedures).
  • Act as the principal contact for the Board and senior management in relation to co-ordinating updates and relevant information to be added to the BRA
  • Ensure that the business complies with IOM ML/FT regulation

General Tasks:

Act as a role model to implement a culture which supports the IQ-EQ Values and ensure engagement of all IQ-EQ staff to deliver excellent client service, operational effectiveness and efficiencies

Actively participate in, lead and manage all aspects and activities relating to the development of IQ-EQ within the function

  • Proactively participate in the promotion of a constructive "pro-compliance and risk" culture at both local and Group level
  • Build and maintain effective relationships with stakeholders, clients regulatory bodies and other professional intermediaries and contacts to ensure that IQ-EQ staff understand and are able to respond appropriately to developments as they arise
  • Act as a role model through effective positive leadership behaviours to engender an environment of teamwork and collaboration, across own function and across all jurisdictions, demonstrating drive, passion, positivity towards change, teamwork, and a clear focus and commitment in driving and achieving the Group’s vision and strategic goals
  • Pro-actively manage own development, encompassing both technical and leadership requirements to a level appropriate to role that supports the IQ-EQ Values
  • As the subject matter expert, ensure successful implementation of changes which improve operational practices
  • Assume overall responsibility for the development and maintenance of policies and procedures, supported by systems and controls, to prevent money laundering and terrorist financing in the business
  • Advise, guide and support senior management and staff as required in relation to ML/FT queries or issues
  • Report directly to the Board and senior management on matters relating to ISARs, SARs and other matters concerning ML/TF risks, to include provision of Board reports at least annually on matters prescribed by the Code
  • Act as the principal point of contact for competent authorities in relation to ML/TF, ISAR and SAR matters
  • Be visible and encourage communication between the Board and staff on the MLRO role in the business
  • Respond promptly to requests for information made by the Board, senior management and competent authorities;
  • Manage inquiries made by competent authorities, receipt of production orders or TIEA requests;
  • Manage relationships effectively post disclosure to the FIU to avoid tipping off any external parties
  • Keeping a record and have oversight of all deputy MLROs
  • Provide support to, and routinely monitor the performance of each deputy MLRO

Qualifications

  • Good knowledge and experience of offshore financial services and underlying product and service rationales, technologies and regulatory environments
  • Evidence of Continued Professional Development
  • Extensive experience within the offshore finance Industry
  • Extensive experience within a compliance and / or risk environment
  • Awareness and understanding of cross jurisdictional cultural differences
  • Corporate Governance experience and an understanding and experience of risk mitigation
  • Excellent leadership and management skills
  • Effective influencing skills and an ability to lead within own functional area
  • Evidence of role modelling effective skills as a team player and promoting teamwork and collaboration amongst others
  • Experience of working closely with Regulators
  • Excellent written and verbal communication skills
  • Highly effective listening skills and able to make and communicate rational judgments in a decisive manner

Additional information

At IQ-EQ Group we want you to reach your full potential. We offer an inclusive and diverse environment to support your career aspirations. With a strong emphasis on continuous learning and a holistic approach to your professional and personal development. We also offer opportunities across our service lines and our international network of offices.

Company description

IQ-EQ Group is a leading Investor Services group which combines global expertise with an unwavering focus on client service delivery. We support fund managers, global companies, family offices and private clients operating worldwide.

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